Regulatory Alerts2020-04-08
Added · Updated
MAS Notice FAA-N13 Minimum Entry and Examination Requirements for Representatives of Licensed Financial Advisers and Exempt Financial Advisers
This notice establishes minimum entry requirements for appointed representatives of licensed financial advisers and exempt financial advisers, including an age requirement of at least 21 years and specific academic qualifications such as GCE 'A' Levels, an International Baccalaureate Diploma, or a Singapore polytechnic diploma. It mandates that representatives satisfy Capital Markets and Financial Advisory Services Examination (CMFAS Exam) module requirements based on the types of financial advisory services provided, while outlining exemptions for individuals with specified prior qualifications, work experience, or those who were active in the industry before certain cutoff dates. The document also details continuing professional development obligations and specifies circumstances under which CMFAS Exam requirements do not apply, such as for representatives providing advice on structured deposits or spot foreign exchange contracts other than for leveraged trading.
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